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The authorities of Noida and Greater Noida have devised a comprehensive six-point strategy with the goal of tackling challenges within group housing ventures, retrieving outstanding payments from developers, and encouraging property registrations. This strategy encompasses several measures, such as revoking plot allotments for projects that haven't commenced, facilitating project completion via co-developers in case of stagnation, offering alternatives for surrender, and even revoking permissions for projects that fail to adhere to regulations. ...
The Delhi government's intention to modify the circle rates for residential and commercial zones within the city has encountered a setback. Officials have indicated that the earlier proposal, crafted by the revenue department, which suggested the establishment of subcategories within the A to H categories for residential areas, accompanied by various tiers of circle rates, has been sent back by the finance department. This return was made with specific objections and recommendations. ...
China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds. ...
The Supreme Court-appointed receiver for the Amrapali projects has issued a "final" notification to approximately 1,100 homebuyers who have yet to verify their allocated flat documents. This includes those who have not taken possession of their units even after reviewing the provided papers. The Amrapali Group's projects have been in a standstill since its promoters were imprisoned. The completion of these projects is being overseen by NBCC, a government-backed construction company, under the supervision of the Supreme Court. ...
In a recent high-value residential transaction in Hyderabad, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions have acquired a property for Rs 48 crore. The residence, located in the Jubilee Hills locality, spans 13,000 sq ft in total area, with a built-up area of 3,951 sq ft. The sellers of this property were Manoj Kumar Tibrewala and the purchase marks one of the most expensive real estate deals in the city recently. ...
Bandhan Bank has made the strategic choice to establish a corporate office in Mumbai. Additionally, the bank intends to create a zonal office that will also serve as a government business center in New Delhi. To facilitate this expansion and development, the private sector bank has invested approximately Rs 160 crore to acquire commercial real estate in Mumbai, the nation's financial hub. This newly acquired space will not only serve as the corporate center but will also accommodate the bank's treasury operations, according to Chandra Shekhar Ghosh, the Managing Director of Bandhan Bank. ...
On Thursday, the Enforcement Directorate (ED) submitted a formal charge sheet against R K Arora, who is the chairman and promoter of the prominent real estate firm Supertech Group, along with his company and eight other individuals. This charge sheet is a result of a money laundering investigation and alleges that they were involved in a "criminal conspiracy" to deceive individuals who had purchased homes. The accusations revolve around the claim that they collectively swindled a minimum of 670 home buyers, amounting to Rs 164 crore. ...
Shriram Properties (SPL) and ASK Property Fund have collaboratively infused Rs 206 crore to acquire complete development rights for an ongoing project in Chennai. This transaction has been facilitated through SPL's wholly-owned subsidiary, Shrivision Elevations. The necessary working capital for the project will be provided independently. The funds for this investment are sourced from the ASK Real Estate Special Opportunities Fund IV ...
On Tuesday, Sanjay Bhoosreddy, the chairman of Uttar Pradesh RERA, urged real estate developers in the state to ensure the registration of their projects with the authority. He emphasized their obligation to protect the interests of all stakeholders, particularly homebuyers. Recently appointed as the second chairman of UP RERA, Bhoosreddy also underscored the importance for developers to actively build a strong and advancing real estate industry by willingly adhering to regulatory guidelines. ...
The Delhi Real Estate Regulatory Authority (DRERA) has issued a directive to real estate developers and builders in the national capital, instructing them to establish an "Allottee Grievance Cell" for every project. This cell should include a dedicated phone number to effectively address any concerns raised by allottees. Additionally, DRERA has mandated that these developers prominently display their names, addresses, RERA registration numbers of the projects, along with the contact details of the Allottee Grievance Officer and the Allottee Grievance Cell, at the construction site of each respective project. ...
An expert panel has proposed a range of measures to the government for revitalizing inactive real estate projects in the country. Led by former NITI Aayog chief Amitabh Kant, the 14-member committee submitted its findings to Union Housing and Urban Affairs Minister Hardeep Singh Puri on Monday. The committee's report, suggests various steps, including the establishment of a program that provides reduced interest rates. This proposed interest rate subsidy scheme, akin to the one for MSMEs, aims to incentivize financial institutions to support stalled projects. ...
Following a pause lasting three years, there are indications of a potential adjustment in circle rates in Noida, as the stamp and registration department gears up to initiate property assessments. Atul Kumar, the ADM (Finance and Revenue), stated that the district administration issued instructions to subregistrars on Thursday, tasking them with examining the existing circle rates and market valuations across diverse sectors and classifications such as residential, industrial, commercial, agricultural, and more. The objective is to compile a comprehensive report that will pinpoint the specific areas warranting a revision in rates. ...
To what extent are Rera recovery certificates (RC) effective in providing relief to distressed homebuyers? In Noida, the largest real estate market in Uttar Pradesh and also the one grappling with most of the issues – primarily related to project delays and incomplete constructions – only 5% of RCs issued by the real estate ombudsman since 2018 have been successfully retrieved. RCs are granted based on two provisions — Section 40 (1) of the UP Rera Act and Rule 23 of UP-Rera Rules — when affected homebuyers file complaints with Rera against non-compliant developers to seek refunds. However, the responsibility for enforcing the collection of RCs rests with the local administrations. ...
The Supreme Court has affirmed a 2017 ruling from the Bombay High Court, stating that the premium imposed for inadequate open space can only be 10%, rather than 100%. The court has instructed the BMC (Brihanmumbai Municipal Corporation) to subtract the 10% fee and reimburse the remaining amount along with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. In 2011, the developer had submitted a proposal to renovate a MHADA building and requested leniency for the shortfall in open space. ...
The Noida Authority board has given its endorsement for the establishment of a specialized enforcement unit within the planning division. This unit will be responsible for monitoring and curbing unauthorized constructions by residents and developers who deviate from approved layouts. Officials have revealed that there is a proposal underway to hire 20 junior engineers through external sourcing. Their primary task will involve examining construction undertakings and ensuring rigorous compliance with the sanctioned architectural plans. ...
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